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5
Mistakes To Avoid When Moving Up To A Larger Home
Unlike the experience
of buying a first home, when you’re looking to move up, and already
own a home, there are certain factors that can complicate the situation.
It’s very important for you to consider these issues before you
list your home for sale.
Not only is there
the issue of financing to consider, but you also have to sell your present
home at exactly the right time in order to avoid either the financial
burden of owning two homes or, just as bad, the dilemma of having no
place to live during the gap between closings.
The
Five Strategies
In this report,
we outline the five most common mistakes homeowners make when moving
to a larger home. Knowledge of these five mistakes, and the strategies
to overcome them, will help you make informed choices before you put
your existing home on the market.
1.
Rose-colored glasses
Most of us dream
of improving our lifestyle and moving to a larger home. The problem
is that there's sometimes a discrepancy between our hearts and our
bank accounts. You drive by a home that you fall in love with only
to find that it's already sold or that it’s more than what you
are willing to pay. Most homeowners get caught in this hit or miss
strategy of house hunting when there's a much easier way of going
about the process. For example, find out if your agent offers a Buyer
Profile System or House-hunting Service, which takes the guesswork
away and helps to put you in the home of your dreams. This type of
program will cross-match your criteria with ALL available homes on
the market and supply you with printed information on an ongoing basis.
A program like this helps homeowners take off their rose-colored glasses
and, affordably, move into the home of their dreams.
See our Finding
Out About Available Properties as Soon as They Come on The Market
article for more information
2.
Failing to make necessary improvements
If you want to
get the best price for the home you're selling, there will certainly
be things you can do to enhance it in a prospective buyer's eyes.
These fix-ups don't necessarily have to be expensive. But even if
you do have to make a minor investment, it will often come back to
you ten-fold in the price you are able to get when you sell. It's
very important that these improvements be made before you put your
home on the market. If cash is tight, investigate an equity loan that
you can repay on closing.
3.
Failing to get a pre-approved for your new purchase
Pre-approval is
a very simple process that many homeowners fail to take advantage
of. While it doesn't cost or obligate you to anything, pre-approval
gives you a significant advantage when you put an offer on the home
you want to purchase because you know exactly how much house you can
afford, and you already have the green light from your lending institution.
With a pre-approval, your offer will be viewed far more favorably
by a seller - sometimes even if it's a little lower than another offer
that's contingent on financing. Don't fail to take this important
step.
4.
Getting caught in the Real Estate Catch 22
Your biggest dilemma
when buying and selling is deciding which to do first. Each scenario
is different. I recommend working closely with your Realtor to determine
which strategy will work best for you.
5.
Failing to coordinate closings
With two major
transactions to coordinate together with all the people involved such
as mortgage experts, appraisers, loan officers, title company representatives,
home inspectors or pest inspectors the chances of mix-ups and miscommunication
go up dramatically. To avoid a logistical nightmare ensure you work
closely with your agent.
Any
Questions?
If
you have any questions about this article, or would like to set up
a time to speak with Len Hardison or David Gallup, please email
us or call our office at 800.458.6863 x353. We'd be glad to help you.
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